Reference no: EM132627577
Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August 2018:
As of August 31, the bank statement shows a balance of $12,725. The August 31 unadjusted balance in the Cash account of Hall's Cards is $8,859. A review of the bank statement revealed the following information:
- A deposit of $1,240 on August 31, 2018, does not appear on the August bank statement.
- It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,010 but was recorded on the books as $3,910.
- When checks written during the month were compared with those paid by the bank, three checks amounting to $4,295 were found to be outstanding.
- A debit memo for $89 was included in the bank statement for the purchase of a new supply of checks.
Required
A bank reconciliation at the end of August showing the true cash balance.
Bank Reconciliation August 31, 2018
Unadjusted Bank Balance, August 31, 2018. $12,725
Add: Deposit in transit. $1,240
Less: Outstanding checks. $4,295
True Cash Balance, August 31, 2018. $9,670
Unadjusted Book Balance, August 31, 2018. ????
Add: Error in recording check for inventory $900
Less: Debit memo for new checks. $89
True Cash Balance, August 31, 2018. $811
Question 1: Calculating the Unadjusted Book Balance.
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